WINKF - Windfall Geotek Finalizes Multi Year Agreement for Corallen Lake Property in Red Lake Ontario
(TheNewswire)
DOES NOT CONSTITUTE AN OFFER OF THESECURITIES DESCRIBED HEREIN
Brossard, Quebec - The Newswire -July 21, 2021 – Windfall Geotek (TSXV:WIN ) ( OTC:WINKF ) ( FSE:L7C2) a leader in the use of Artificial Intelligence (AI) withadvanced knowledge-extraction techniques since 2005 in the miningsector is pleased to announce a finalized option agreement for theCorallen Lake property with Goldeneye Resources Corp (TSX-V: GOE). Thedeal terms provide Windfall Geotek with 3 million shares, 2% NSR, anda 4 year contract for AI services for an undisclosed amount of cashover a 4 year earn in agreement that provides Goldeneye Resources withthe option to earn 95% of the project. The deal is subject toregulatory approval.
Deal Term Highlights:
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- Upon closing issuance of 3 million shares, $250,000cash and a 2 % NSR to Windfall Geotek
- Windfall provides Goldeneye Resources a 4 year optionto agreement earn 95% of the project
- Multi year AI digital exploration services contractfor undisclosed cash considerations
- Golden Eye to assign a board seat to Windfall Geotekupon approval from the board of directors
- Windfall Geotek commits to investing $120,000 intoGoldeneye Resources Corp
Corallen Lake PropertyHighlights:
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- Road/trail accessible and close to majorinfrastructure
- The Corallen Lake property lies less than 9 kmnorthwest of the Red Lake Main Gold Trend
- Hosts favorable geological units within the propertyboundary that have been proven in the Red Lake mining camp
- Potential for brittle-ductile structures, which hostgold deposits in the region
- Multiple high probability AI targets generated byWindfall Geotek within the property boundary
- Current Gold operators in the Red Lake camp includePure Gold Mining (Madsen Mine) and Evolution Mining (Red Lake,Campbell and Cochenour Mines)
Dinesh Kandanchatha, Chairman ofWindfall Geotek commented: “We are excited to partner with the team at Goldeneye Resourcesfor our Corallen Lake property. Windfall Geotek intends to play a keypart through our AI and Drone services in the development of thisproject alongside Goldeneye Resources. As always, we believe in ourtechnology and wanted to structure a deal that ensured we have skin inthe project for the long run through equity, royalty and also afurther investment into Goldeneye Resources Corp. Windfall and itsshareholders win in the long term when our partners succeed on theirprojects and our targets turn into operating mines.”
Jack Bal, Chief Executive Officer ofGoldeneye, commented: “Wehave worked hard to finalize this agreement with Windfall Geotek.Windfall Geotek’s AI technology has a 15 year track record ofsuccess and will be a significant exploration tool increasing ourchance of early discovery while cutting time & costs. Red Lake isa well known high grade Gold Mining Camp in Northern Ontario withexcellent access to infrastructure. We hope to take advantage of thisopportunity to further advance this project as rapidly as possible tothe next stages of exploration. Red Lake has seen an influx of newexploration after new discoveries by Great Bear Resources in the lastcouple years.”
Figure 1 - Map of Corallen Lake Property Claimswith AI Targets in Red Lake, Ontario
Figure 2 - Windfall Geotek AI TargetingProcess
About Goldeneye ResourcesCorp.
Goldeneye is a mineral exploration company engaged inexploration of precious metal and base metal projects in NorthAmerica. Goldeneye has signed definitive agreements with UnityResources Inc. to acquire 100-per-cent interest in mineral claimsknown as the Roberts Arm, Grand Lake and Gander River Ultramafic BeltEast (GRUBE) projects. The projects are located in the province ofNewfoundland and cumulatively encompass a land area of approximately148 square kilometres (approximately 14,800 hectares).
About Windfall Geotek – Powered byArtificial Intelligence (AI) since 2005
Windfall is an Artificial Intelligence company that hasbeen in business for over 15 years developing its proprietary CARDSanalysis (AI) and data mining techniques. Windfall Geotek can count on a multidisciplinary team thatincludes professionals in geophysics, geology, ArtificialIntelligence, and mathematics. It combinesavailable public and private datasets including geophysical, drillhole and surface data. The algorithms designed and employed byWindfall are calculated to highlight areas of interest that have thepotential to be geologically similar to other gold deposits andmineralization. The Company's objective is todevelop a new royalty stream by significantly enhancing andparticipating in the exploration success rate of mining and tocontinue the Land Mine detection application as a high priority. Windfall has played a part in numerous pastdiscoveries utilizing its methodology as described at: https://windfallgeotek.com/ .
For further information, please contact:
Simran Kamboj
President and CTO of Windfall Geotek
Email: simran@windfallgeotek.com
Website: www.windfallgeotek.com
Phone: 1-855-946-5145
Additional information about the Company is availableunder Windfall Geotek’s profile on SEDAR at www.sedar.com . Neither the TSXVenture Exchange nor does its Regulation Services Provider (as thatterm is defined in the policies of the TSX Venture Exchange) acceptresponsibility for the adequacy or accuracy of this release.
FORWARD-LOOKINGSTATEMENTS: This news release contains forward-looking statements,which relate to future events or future performance and reflectmanagement’s current expectations and assumptions. Suchforward-looking statements reflect management’s current beliefs andare based on assumptions made by and using information currentlyavailable to the Company. Investors are cautioned that theseforward-looking statements are neither promises nor guarantees, andthey are subject to risks and uncertainties that may cause futureresults to differ materially from those expected. Theseforward-looking statements are made as of the date hereof and, exceptas required under applicable securities legislation, the Company doesnot assume any obligation to update or revise them to reflect newevents or circumstances. All forward-looking statements made in thispress release are qualified by these cautionary statements and bythose made in our filings with SEDAR in Canada (available atWWW.SEDAR.COM).
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